Wedbush reaffirmed their outperform rating on shares of Imax Corporation (NYSE:IMAX) in a report issued on Thursday, July 20th. Wedbush currently has a $35.00 price objective on the stock.
A number of other research firms also recently weighed in on IMAX. MKM Partners reaffirmed a buy rating and set a $40.00 price target on shares of Imax Corporation in a research report on Tuesday, April 25th. TheStreet downgraded Imax Corporation from a b- rating to a c rating in a research report on Wednesday, May 17th. Zacks Investment Research raised Imax Corporation from a sell rating to a hold rating in a research report on Monday, June 19th. Barrington Research downgraded Imax Corporation from an outperform rating to a market perform rating in a research report on Wednesday, July 12th. Finally, Roth Capital set a $37.00 price objective on Imax Corporation and gave the stock a buy rating in a research note on Thursday, April 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. Imax Corporation has an average rating of Hold and an average target price of $34.82.
Shares of Imax Corporation (IMAX) opened at 19.85 on Thursday. The company’s 50 day moving average is $21.67 and its 200 day moving average is $28.37. Imax Corporation has a 12-month low of $19.33 and a 12-month high of $35.30. The firm has a market capitalization of $1.28 billion, a PE ratio of 134.12 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The business had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. During the same period in the previous year, the firm earned $0.18 EPS. Imax Corporation’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, analysts forecast that Imax Corporation will post $0.62 earnings per share for the current year.
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Imax Corporation declared that its board has authorized a stock repurchase program on Monday, June 12th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now directly owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in IMAX. Eagle Asset Management Inc. raised its stake in Imax Corporation by 26.2% in the second quarter. Eagle Asset Management Inc. now owns 197,641 shares of the company’s stock valued at $4,348,000 after buying an additional 40,991 shares during the period. Pacad Investment Ltd. bought a new stake in Imax Corporation during the second quarter valued at about $544,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Imax Corporation by 13.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after buying an additional 748 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in Imax Corporation during the second quarter valued at $3,026,000. Finally, Welch Capital Partners LLC NY acquired a new stake in Imax Corporation during the second quarter valued at $4,200,000. 89.54% of the stock is currently owned by institutional investors.
Imax Corporation Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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